Pine Labs, digital payments and financial services provider, has raised another $50 million in investment, valuing the company at $5 billion. Vitruvian Partners, a London-based private equity firm that has backed brands including Byju’s, has taken part in the newest round. According to regulatory records filed in Singapore, Pine Labs’ current investment round reportedly includes a $15 million employee stock ownership scheme (ESOP) buyback.
The news comes just a month after the fintech company secured $150 million from Alpha Wave Global for a $5 billion value. The fundraising includes a secondary share sale component, allowing current shareholders to liquidate their holdings.
Pine Labs is a merchant payment solutions company founded in 1998 by Lokvir Kapoor that enables businesses to accept online and offline digital retail transactions. Over 150,000 merchants and 3.5 lakh point-of-sale (PoS) terminals are powered by the enterprise in 3,700 cities across India and Malaysia.
Pine Labs works with a number of well-known major, mid-sized, and small businesses throughout Asia and the Middle East, including Apple, Starbucks, McDonald’s, and others. Amrish Rau is the current CEO of the company. The startup has raised over a billion dollars, according to Crunchbase, a business intelligence platform. State Bank of India, Kotak Mahindra Bank, IIFL Asset Management, Invesco, Gaurav Munjal of Unacademy, Sriharsha Majety of Swiggy, and Harsh Jain of Dream11 are among its investors.
The company intends to go public soon, having filed for a confidential initial public offering (IPO) in the United States in January of this year. According to reports, the corporation plans to raise half a billion dollars from the public market, valued at $6-7 billion.
Pine Labs’ operations were initially focused on the retail petroleum market. Later, the company realised that the mainstream payment system also requires its digital services. In 2009, Pine Labs reached a pivotal point. They began working with banks and retailers to simplify the payment process.
The company expanded its activities beyond payment services in 2012 to include more business development tools. Risk assessment, financial analytics, brand offerings, and other services are included. During this time, it aided the firm in collaborating with 21 financial institutions and over 100 brands.
Pine Labs began operations on a global scale in 2017. After India, Malaysia was the second country where it started operations in cooperation with CIMB bank.